Jeremy Corbyn’s position as Labour leader is assured after his strong performance

Appearing as a pundit on ITV, he said: “Clearly if she’s got a worse result than two years ago and is almost unable to form a government then she I doubt will survive in the long term as Conservative party leader.”

However, cabinet minister David Gauke insisted that Mrs May will stay in her job even if the exit poll result is correct.

He told Sky News: “So it seems pretty clear Theresa May would continue as prime minister.

“There would be a Conservative minority administration.

“With all those caveats repeated, I think Theresa May continues to be the dominant figure in the Conservative party.”

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A leadership challenge could come from either the Brexiteer right of the party – led by figures such as Andrea Leadsom – or from more centrist figures such as Sajid Javid who could argue that Mrs May has alienated swing voters with her traditionalist stance.

Alternatively, a big name like Boris Johnson or Amber Rudd could swoop in as a consensus candidate winning support from both wings of the Tories.

The Prime Minister had built the party’s election campaign around her personal brand, almost eliminating the word Conservatives from leaflets and posters.

That fact will make it harder for her to avoid responsibility for the failure to secure a big win.

However, party rivals may allow her to stay in place for the next few months to allow an orderly transition of power.